I'd say make sure you have at least a 10% contingency budget allowed for any unseen freeze damage to play it safe.

Non-qualified use comes into play when the property in question was first a rental before converting it into a personal residence.

More generally, how much does the building play into the appreciation of the condo?

I'm very curious about what the critical mass looks like here.

Anything in a coastal market is more of an appreciation plan than a cash flow play.

While I'd never play around with safety issues, people who rent well below market have to accept well below average conditions. 

@Jacob Maes I know that some investors cash flow fine with condos in certain areas but it isn't something I'd be comfortable with because of all of the external factors that could be at play.

This is where being convincing and persuasive comes into play.

Work hard, play hard!!

In your opinion, is this a decent play to increase my net worth?